GC Knowledge Leadership Seminar Series_2 (September 15^th, 2022)

 

Topic: ESG Trends and New Challenges in ESG Consulting

 

n  Program:

1.    Introducing companies:

1)    ECONINE by Seo, Uk, CEO of ECONINE & Baek, Gil Hee, Director of ECONINE

2) Gaia Consult by Grace Eunyoung Lee, CEO of Gaia Consult

2. Discussion topics

1)     New Challenges & collaboration opportunities in ESG Consulting esp. with EU’s proposal for a Directive on Corporate Sustainability Due Diligence

2)     Suggestions for future collaboration between ECONNINE and Gaia Consult Inc.

 

GC held the 2nd Knowledge Leadership Seminar with ECONINE on the issue of ESG consulting: challenges and opportunities. We invited Ms. Seo, Uk (CEO) and Mr. Baek Gil Hee (Director) of ECONNIE. We thank Ms. Seo and Mr. Baek for their professional contribution! ?

We focused on the changing climate of ESG consulting with emerging global trends and discussed ways to cooperate between the two companies.

 

n  Key Learnings:

-      Investors are becoming increasingly informed about net zero, sustainability, and ESG topics “BETTER SAFE THAN SORRY, IT`S TIME TO PREPARE TO ANSWER THE QUESTION.”

-      The current critical eye on ESG is good in South Korea. Well-thought-out ESG strategies can help investors increase returns. It will channel investments towards the business, creating the most regenerative, societal, and environmental value, with a potential to achieve long-term economic value.

-      Regulations will continue limiting opportunities for greenwashing.

Regarding the trend of strengthening due diligence in the EU's ESG supply chain (*) with introduction of EU Taxonomy(**), we also discussed what preparations are needed. Various dimensions of due diligence were discussed together:

Ø  Intensity/Depth: Voluntary reporting by the guidelines < Reporting obligations < Legal, due diligence obligations

Ø  Application: Company’s own due diligence < Supply chain/value chain due diligence (Contractual provisions, code of conduct, audits, supply chain mapping, etc.)

Ø  Coverage/Comprehensiveness vs. Depth/quality

 

n  Mapping Strategic Positions

In this regard, Gaia Consult and ECONINE have been working in different areas and entry points in the wide ocean of the ESG market:

Ø  ECONINE:  ECONINE has extensive experiences in corporate sustainability consulting with solid client loyalty of major companies in Korea. ECONINE’s portfolio ranges from assessment, strategy, reporting, audit, and assurance & to capacity building support. (*See ECONINE’s portfolio in its website @ https://econine.kr/8187-2/)

Ø  Gaia Consult: Gaia Consult Inc. is the very first consulting service based in Seoul, Korea, with expertise on application of the international (IFC, GCF, WB, etc.) level environmental and social safeguard standards to development/climate change/and renewable energy development cooperation projects and programs. Consulting types varies: E&S screening and scoping, impact assessment and monitoring, due diligence. Gender Assessment and action planning is another emerging service. GC also extends supports to project financiers/implementing entities in establishing their internal E&S risk management systems and in capacitating their staff. (*See GC’s portfolio in its website @ http://gaiaconsult.biz/kor/ourAchievements/01.php) 

 

Gaia Consult and ECONINE shared their respective key skill sets and strengths and discussed how to complement and synergize for future cooperation: GC’s solid field-based in-depth E&S due diligence experiences are expected to add essential value to the quality of the ESG consulting, which is becoming increasingly demanding. GC’s collaboration with ECONNIE will create shared values and synergy in upgrading the ESG consulting services.

 

We look forward to continued dialogue on ESG consulting potential between Gaia Consult Inc. and ECONINE and grow together! ?

 

(* related article: http://www.esgeconomy.com/news/articleView.html?idxno=2367 & http://www.esgeconomy.com/news/articleView.html?idxno=1911)

 

** EU Taxonomy & Social Taxonomy:

EU-Taxonomy and K-Taxonomy in Korea has focus on GHG emission and environmental areas and social domains are reported to be selectively integrated. A separate development of “Social Taxonomy” has been discussed for some time for more wholesome approach towards sustainability but not yet ready to be formally introduced in Europe and elsewhere. (GC will see to this issue in a separate article.)